April 25 (Reuters) - Allegheny Technologies Inc :ATI announces first quarter 2017 results.Q1 earnings per share $0.16.Q1 sales $866 million.Q1 earnings per share view $0.11, revenue view $846.2 million -- Thomson Reuters I/B/E/S.Allegheny Technologies Inc - continue to estimate that 2017 capital expenditures will be $125 million, with $25 million expended in Q1 2017.Allegheny - HPMC segment remains on track for 2017 sales growth of about 10 pct, and low-double-digit operating profit as a percentage of sales.Allegheny Technologies Inc - do not expect to pay any U.S. Federal Income taxes in 2017 due to net operating loss carryforwards.Allegheny Technologies - have support from agent bank to extend duration of $100 million abl term loan from due date in November 2017 to September 2020.Allegheny Technologies Inc - beyond 2017, we continue to expect capital expenditures to average no more than $100 million annually for next several years.Allegheny Technologies Inc - closed operations costs in fiscal year 2017 are expected to be higher than in fiscal year 2016.
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Allegheny Technologies Inc : Allegheny technologies announces actions to improve future financial performance . Actions are expected to improve ATI's annual operating income by about $50 million beginning in 2017 . Total charges from actions, including tax valuation allowance, are expected to be $4.89 per share . In addition, actions are expected to generate about $50 million of cash flow from lower managed working capital . Expects to record total pre-tax, non-cash impairment charges of about $470 million for idled facilities . Expects to record pre-tax shutdown and idling costs of about $34 million ($23 million after tax, or $0.22 per share) . ATI's Rowley, UT titanium sponge facility will be idled by end of 2016 . As a result of actions, expects total pre-tax, non-cash impairment charges of about $470 million for idled facilities . $4.83 per share of total charges from actions is expected to be recognized in Q3 2016 and remainder in Q4 2016 . Will also record about $183 million, or $1.71 per share, in non-cash income tax valuation allowances related to U.S. Federal tax benefits . Consolidating certain higher cost titanium hot-working operations in Albany . Total charges expected to be $4.89 per share, of which $4.83 per share expected to be recognized in Q3, remainder in Q4.
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Allegheny Technologies Inc : Q2 loss per share $0.18 . Q2 sales rose 7 percent to $811 million . Allegheny Technologies Inc says expect shipments of specialty coil and plate products to increase in second half of 2016 . Q2 earnings per share view $-0.37, revenue view $792.8 million -- Thomson Reuters I/B/E/S . ATI says continue to estimate that full year 2016 capital expenditures will be less than $240 million .ATI says beyond 2016 we expect capital expenditures to be less than $100 million annually for next several years.
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Allegheny Technologies Inc: Agreed to sell $250.0 million aggregate principal amount of 4.75% convertible senior notes due 2022 . Has granted underwriters a 30-day option to purchase up to an additional $37.5 million aggregate principal amount of notes . Notes will pay interest semi-annually in arrears at a rate of 4.75% per year and will mature on July 1, 2022 .Allegheny technologies announces pricing of convertible senior notes offering.
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Allegheny Technologies Inc: Agreed to sell $250.0 million aggregate principal amount of 4.75% convertible senior notes due 2022 . Has granted underwriters a 30-day option to purchase up to an additional $37.5 million aggregate principal amount of notes . Notes will pay interest semi-annually in arrears at a rate of 4.75% per year and will mature on July 1, 2022 .Allegheny technologies announces pricing of convertible senior notes offering.
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Allegheny Technologies Inc:ATI announces restructuring actions to further streamline flat rolled products operations.Allegheny Technologies Inc says $9 million of Q1 2016 charges for salaried workforce reductions.Over $30 million of annual savings from restructuring actions to begin in Q3 2016.Reduction of approximately one third of FRP's salaried workforce through elimination of over 250 positions.Allegheny Technologies Inc says restructuring of its flat rolled products (FRP) operations with reduction of over 250 positions.Expect flat rolled products business to be modestly profitable in second half of 2016.Workforce reduction will be completed by end of Q2 2016.
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Allegheny Technologies Incorporated:The next phase in the restructuring of its Flat Rolled Products (FRP) operations with the reduction of approximately one third of FRP's salaried workforce through the elimination of over 250 positions.This workforce reduction will be completed by the end of the second quarter 2016.As a result of these actions, ATI will record a $9 million severance charge in first quarter 2016 results.These actions are expected to generate annualized cost savings benefits of over $30 million beginning in the third quarter 2016.
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